The food additives market is predicted to record a CAGR of 6.6% during the forecast period. The market is projected to reach a valuation of US$ 2.44 billion in 2023 and is expected to reach a valuation of US$ 4.62 billion by 2033.
Food additives are becoming more popular as the need for preserved and processed foods grows. Consumers choose to raise their demand for food additives in order to improve food quality and safety. Food and beverage businesses are extending market prospects by increasing the use of food additives to safeguard food items for a long period.
Food additive sales are increasing because to the growing popularity of vegan and ready-to-eat cuisine. Food packaging of high quality and sustainability drives market growth throughout the forecast period. Food additives for colouring, flavouring, and modifying food taste are in high demand from producers.
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Several organizations are expanding international trade to provide standardized food additives to their customers. Innovation of products and advanced technology are increasing the market size. By using micro-encapsulation technology, the leading corporations concentrate on keeping better nutritional food additives. According to predictions, the growth of the food additives market is expected to be boosted by hotels and restaurants preserving food to prevent spoilage.
Rising Demand for Natural Food Additives is Expected to Boost the Market Growth
Natural food additives are being used more frequently since consumers are becoming more concerned about their health. The manufacturers and key vendors are developing clean-label and vegan food items that are growing the market opportunities. The number of young people is growing, along with the consumption of baked products and packaged meals, which is driving up the sales of natural food additives.
For their balanced diets, children and millennials crave sweet foods; parents are adjusting their shopping preferences to include natural food additives. The increased market potential is being brought about by the use of natural fruit colors and components in various confectionery goods.
Key Takeaways:
- The food additivesmarket is expected to reach a valuation of US$ 4.62 billion by 2033.
- With a CAGR of 6.6%, the global market is increasing from 2023 to 2033.
- The food additives market in the United Statesis anticipated to secure a market share of 78% through 2033.
- In the historical period, the market recorded a CAGR of 6.2% between 2018 and 2022.
- In the historical period, the market reached a valuation of US$ 2.38 billion between 2018 and 2022.
- India is anticipated to record an impressive CAGR of 6.5% by 2033.
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Who is Winning?
Prominent players play a crucial role in the global market by capturing maximum output. They make unique products and meet consumers’ requirements through their innovative techniques. The players are developing organic, clean-label, and standardized products to enhance their brand values.
The prominent vendors invest a significant portion of the amount in research & development activities to achieve better results. These vendors are acquiring several marketing strategies, including agreements, acquisitions, collaborations, mergers, and product launches.
Significant Key Players in the Market are:
- Alpha Ingredients Srl
- Cargill Incorporated
- Ajinomoto Co.
- Du Pont de Nemours and Company
- Kerry Group
- Novozymes A/S
- Tate & Lyle PLC
- Ingredion Incorporated
Recent Developments in the Food Additives Market are:
In May 2020, Kerry Group invested US$ 40 million in a new manufacturing plant in Africa. The company produced several nutritious food & beverages and surged its production by 40% annually.
Market by Category
By Product Type:
- Preservatives
- Hydrocolloids
- Acidity Regulators
- Emulsifiers
- Flavoring Agents
- Food Color
- Sweeteners
- Enzymes
By Source:
- Synthetic
- Natural
By Application:
- Frozen Desserts & Dairy Products
- Confectionery & Bakery
- Convenience Food & Snacks
- Beverages
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
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